Tata Group has sought management control of Jet Airways, seeking at least 26% initially and another 26% via an open offer later, the report stated.

Jet Airways has been facing a financial crunch amid rising oil prices and a depreciating rupee.

Highlights

Jet Airways has not been able to pay salaries to employees on time

The airline said in August it will inject funds

It also said it would cut costs to turn around the business

Business conglomerate Tata Group has held preliminary discussions to buy a large stake in debt-laden Jet Airways (India) Ltd, the Times of India reported on Thursday. Tata has sought management control of Jet, seeking at least 26 per cent initially and another 26 per cent via an open offer later, the paper said.

Jet Airways has been facing a financial crunch amid rising oil prices and a depreciating rupee. In a bid to revive itself, Jet said in August it will inject funds and cut costs to turn around the business, without elaborating further.